OVERLAND PARK, Kan. and LOS ANGELES, Oct. 9, 2006 (PRIMEZONE) -- Health savings account (HSA) customers of First Horizon Msaver will soon be able to compare brand-name drugs and generic alternatives using the company's Web site, www.FirstHorizonMsaver.com, and DestinationRx's proprietary online pharmacy shopping and Rxaminer drug therapy comparison tools. Customers also will be able to get information on the best prices for those drugs at online pharmacies, local pharmacies and retail outlets.
HSA programs give all types of employees more control over their healthcare expenses by combining a lower-premium, high-deductible health plan with a health savings account. The HSA is an account that an employee uses to set aside funds on a pre-tax or tax-deductible basis to pay for routine healthcare such as office visits, prescription drugs or lab tests. Money that isn't spent during the year rolls over to cover future healthcare expenses. First Horizon Msaver works with employers and employees to set up HSA programs with leading insurance carriers.
"HSA-qualified health plans expose patients to the real costs of prescription drugs. We wanted to be the first HSA company to offer price transparency to pharmaceutical purchases made under consumer-directed health plans," said E. Craig Keohan, president of First Horizon Msaver. "This program not only has the potential to save HSA customers money on their prescription drugs through discounts, but also places them in the position to make more informed decisions about their choice of medications."
The program is expected to become operational next month. The DestinationRx tools allow consumers to find the least expensive drug regimen based on switching to lower-cost branded or generic alternatives. Last year the average savings per search for Rxaminer users was $730 per search for a one-year supply of drugs. DestinationRx's shopping tools allow further savings by identifying the local pharmacy with the best price for those drugs. Consumers can shop for the best price for the drug regimen they need by comparing pharmacies near their homes in addition to on-line and mail order pharmacies.
"The goal of health savings accounts is to encourage consumerism in healthcare," said Toby Rogers, executive vice president, DestinationRx and founder of Rxaminer. "First Horizon is a leading player in the consumerism movement by providing one place for HSA accountholders to learn about their healthcare while also having access to the best tools for managing their pharmacy costs."
About First Horizon Msaver
First Horizon Msaver Inc., a leader in the servicing of health savings accounts (HSAs), is a member of the First Horizon National Corp. (NYSE:FHN) family of companies that provides financial services to business customers and individuals nationwide. With first-to-market technology such as electronic enrollment, online banking, online bill pay, investment options and a dedicated HSA customer care center, First Horizon Msaver is helping thousands of Americans get the most out of their tax-favored HSAs. FHN companies have been recognized as some of the nation's best employers by AARP, Working Mother and Fortune magazines. FHN also was named one of the nation's 100 best corporate citizens by Business Ethics magazine. More information can be found at: www.FirstHorizonMsaver.com.
About DestinationRx and Rxaminer
Founded in 1999, DestinationRx is a leader in consumer drug comparison and purchasing technology. The company provides government and commercial plan providers with the resources to create fully integrated and comprehensive decision-support capabilities for their members. DestinationRx is also a leading consumer resource, providing education, price comparisons, and purchasing options for a variety of prescription drug and other healthcare transactions. The company's client roster includes the Centers for Medicare and Medicaid Services (CMS), pharmacy benefits managers (PBMs), large health plans, Fortune 100 employers, and advocacy organizations such as the American Association of Retired Persons (AARP). On May 5, 2006, DestinationRx acquired Rxaminer, the first organization to provide consumers with equivalent-dose drug comparison pricing. For more information, visit: www.DestinationRx.com and www.Rxaminer.com.